Croatian pension funds said they were behind heavy trade in oil group INA responding to allegations by Hungary's MOLof market manipulation designed to frustrate its attempt to gain majority control of INA.
The four funds said in a statement sent to Reuters on Friday they were buying INA shares believing in their future value. The funds had acquired close to 2% of INA stock in the last three days and active trade continued on Friday morning.
MOL is INA's biggest shareholder with 47.15% and has launched an offer at 2,800 kuna ($504.3) per share for the remaining 8% of INA stock that is freely traded. MOL said its effort to become the majority owner was part of its strategy to strengthen its commitment to INA and would by no means reduce the government's influence in strategic decision-making in Croatia's sole national oil company. (Reuters)